so the fannie mae and freddie mac , acorn had nothing to do with it....yeah right. well your girl blanche lincoln is going down big time and viccy boy decided he wont run. feel the GOP revolution!
You might want to try this link for a fairly thorough analysis. I can give you other links if you wish. Do not confuse CRA with sub-prime loans. They are not exactly the same thing. Hit the internal link to five part series and once you get there, the link to the next part is at the top of the page.
http://seekingalpha.com/article/71775-larry-kudlow-is-dead-wrong-cra-didn-t-start-the-meltdown
FWIW, the CRA loans did have an impact on lo-doc or no-doc loan process. What happened was, the poor folks paid their mortgages presumably because the alternative rent payment would be higher than the house note. The greedmeisters, impressed with the payment record of the poor folks extended the program to middle and upper classes thinking they would be as honest as the poor folks had been.
Silly loans began to get made so that the originators and subsequent securities sellers and traders could make big fees and profits off the sales and the subsequent side bets on the mortgages.
Now, the Wall Street apologists don’t want you to get p*ssed off, so they need someone to blame besides themselves. Soooooo, they get everybody’s favorite whipping boys, the poor folks, and are selling you a bill of goods on them so you don’t write your congress critter and demand they shut these gambling *ss SOB’s down. You see, Wall Street is still doing it.
parsy, who hopes this is helpful to you